Procore Technologies, Inc. (NYSE:PCOR) Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in Procore Technologies by 84.5%, owning approximately 3.26 million shares valued at $215.2 million as of the end of the latest quarter.
• Several analysts have upgraded Procore Technologies' stock ratings and price targets, resulting in an average rating of "Moderate Buy" and a consensus target price of $83.06.
• Procore Technologies reported a quarterly revenue of $323.92 million, surpassing analyst estimates and demonstrating a year-over-year revenue growth of 13.9%.

JPMorgan Chase & Co. raised its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 84.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 3,259,544 shares of the company's stock after purchasing an additional 1,492,869 shares during the period. JPMorgan Chase & Co. owned 2.19% of Procore Technologies worth $215,195,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PCOR. Townsquare Capital LLC boosted its stake in shares of Procore Technologies by 15.7% in the first quarter. Townsquare Capital LLC now owns 16,351 shares of the company's stock worth $1,079,000 after acquiring an additional 2,213 shares during the period. Deutsche Bank AG grew its holdings in Procore Technologies by 36.0% during the 1st quarter. Deutsche Bank AG now owns 1,005,465 shares of the company's stock valued at $66,381,000 after buying an additional 266,091 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Procore Technologies by 3.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 728,528 shares of the company's stock worth $48,097,000 after purchasing an additional 27,671 shares during the last quarter. Westfield Capital Management Co. LP increased its position in Procore Technologies by 7.2% in the first quarter. Westfield Capital Management Co. LP now owns 1,879,226 shares of the company's stock worth $124,067,000 after purchasing an additional 126,070 shares during the last quarter. Finally, Marble Harbor Investment Counsel LLC lifted its stake in shares of Procore Technologies by 13.5% in the 1st quarter. Marble Harbor Investment Counsel LLC now owns 90,458 shares of the company's stock valued at $5,972,000 after purchasing an additional 10,790 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 8,035 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the transaction, the director directly owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Howard Fu sold 814 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the completion of the transaction, the chief financial officer owned 197,457 shares in the company, valued at $14,680,927.95. This represents a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 656,755 shares of company stock worth $42,751,179 in the last quarter. Corporate insiders own 21.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Barclays raised their price objective on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Piper Sandler lifted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, August 1st. UBS Group cut their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, KeyCorp lifted their price target on Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Price Performance

NYSE:PCOR traded up $0.71 during trading hours on Friday, hitting $65.37. 1,390,751 shares of the stock were exchanged, compared to its average volume of 2,384,962. Procore Technologies, Inc. has a 52-week low of $52.78 and a 52-week high of $88.92. The firm's fifty day moving average price is $68.96 and its 200 day moving average price is $69.18. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The company has a market cap of $9.82 billion, a P/E ratio of -68.09 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the previous year, the business earned $0.39 EPS. Procore Technologies's quarterly revenue was up 13.9% on a year-over-year basis. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.